ASIC’s Indigenous Financial Services Framework outlines key learnings which ASIC has developed through extensive consultations with a range of stakeholders on First Nations peoples’ access to and engagement with the financial system[1]. Here, Danille Abbott, Senior Manager of ASIC’s Indigenous Outreach Program, tells The Yarn why the framework was developed and what organisations can do to support it.
ASIC wanted to develop a framework to build a stronger understanding of First Nations financial wellbeing and how First Nations peoples engage with the financial system. We wanted this stronger understanding of First Nations peoples’ needs, objectives and lived experiences to influence our work and priorities related to First Nations peoples.
To do that, ASIC had to take the time to listen and talk with First Nations communities about money in different locations across the country. The framework itself is a document that highlights the four key learnings ASIC heard in those conversations.
The development of ASIC’s Indigenous Financial Services Framework took a strengths-based approach, allowing us to have many conversations about a range of topics based on what First Nations peoples wanted to share, highlight and celebrate. We wanted to be led by First Nations peoples on what was considered important.
We also consulted with the financial services industry, government departments, agencies, and regulators. At all times, the voices of First Nations people were prioritised and elevated.
The framework outlines how ASIC will use the four key learnings we identified from our extensive conversations with First Nations peoples nationwide. First Nations consumers and communities have tested and confirmed these learnings as important concepts to be acknowledged and understood.
Four key learnings
First Nations peoples told ASIC it is important for all people to know these four learnings when they are talking about money and working to support First Nations financial wellbeing.
The key learnings talk about the first economies, the old ways before colonisation, and the impacts of laws and policies that followed, meaning First Nations peoples weren’t provided with money or allowed to engage in the Australian financial system. This truth-telling impacts how First Nations peoples see and use money today.
The key learnings also speak of the importance of thinking about all aspects of First Nations peoples’ lives and wellbeing when looking at money worries and money stories. They speak to First Nations peoples’ version of financial success being varied and the need for everyone to empower First Nations peoples to achieve their own vision of financial success.
A continuing conversation
ASIC is actively encouraging a range of stakeholders and financial services providers to consider, understand, and engage with the key learnings as part of their servicing of First Nations communities.
While developing the Framework, ASIC hosted three financial services industry workshops with the credit and banking, general insurance and superannuation sectors that identified opportunitiesfor industry to work towards supporting First Nations peoples on their money journeys.
Built from the starting point of understanding the framework’s key learnings, ASIC is continuing these workshops to encourage solutions and innovative approaches to long-standing challenges to support positive financial outcomes for First Nations peoples.
What organisations can do?
We recognise there are many stakeholders whose roles affect the financial outcomes of First Nations peoples, and that many aspects of First Nations peoples’ lives are affected by money.
The long-term outcomes outlined in the framework require collaboration from a range of areas. ASIC seeks to work with other stakeholders to achieve these outcomes and is creating dedicated engagement streams to coordinate this.
One of the key engagement streams is creating an ASIC Indigenous Advisory Group. This group will allow ASIC to promote the framework and, importantly, continue to build ASIC’s understanding of First Nations peoples experiences and perspectives on money.
Another engagement stream is focused on federal government agencies, which are also working on financial capability and wellbeing, and other services or programs aimed at First Nations peoples. This ensures stronger communication, collaboration and information sharing at a government level.
Helping ASIC to promote the framework and its key learnings is one way community organisations can assist ASIC in embedding the framework.
We also welcome the participation of organisations in our activities focused on progressing the Framework outcomes – whether as an attendee at an upcoming workshop, a participant of one of our engagement channels, or as part of the work of ASIC’s Indigenous Outreach Program.
Get involved
If you would like to discuss ASIC’s Framework or the work of ASIC’s Indigenous Outreach Program, please reach out – the team would love to have a yarn! You can reach ASIC’s Indigenous Outreach Program on 1300 365 957 or email IOP@asic.gov.au
Organisations can keep up to date with future engagements and summaries of recent events here.
Download the Indigenous Financial Services Framework here
Read the story of the ‘Success Our Way’ artwork here:
[1] Source: ASIC’s Indigenous Financial Services Framework | ASIC